Monday, June 25, 2012

82nd BIS Annual Report (os)

The 82nd BIS Annual Report is fresh out of the printing press. If you do not  insist on the warm smell of the pages you can read it here as pdf version. Two things may be of special interest: first, chapter two, which is an approx. 10 page summary of the year 2011 and second chapter four, which reviews especially the monetary policy side of the last year. To cite the abstract:
Prolonged and aggressive monetary accommodation has side effects that may delay the return to a self-sustaining recovery and may create risks for financial and price stability globally. The growing gap between what central banks are expected to deliver and what they can actually deliver could in the longer term undermine their credibility and operational autonomy.